You’ve been working, saving and dreaming about this moment for years. You have a downpayment saved up for a house, or enough equity in your home to move-on up. You feel ready to buy a home.
This is the hard truth about house hunting in a sellers market: It’s time to make choices.
It’s time to prioritize.
Decide what goes at the top of YOUR pyramid.
When you’re searching for a home, there are three main types of priorities to choose from:
2. Home characteristics
Each option has tradeoffs.
If you prioritize location, you might have to wait for inventory or buy a fixer to afford the neighborhood of your dreams.
If you prioritize home characteristics, you’ll need to look farther and wider. The more specific your requirements, the wider the net.
If you prioritize timing, you’ll choose from only homes available in your window. For example, if you’re relocating and have 1 week to buy house, your choices are the selection of homes available that week.
This is the wild thing. Every buyer at every price point has to make trades. So get clear on what’s really most important to you.
Under the surface of things you can control are the things out of your control. You still have your all-in budget liit and contingencies, which you may or may not be able to waive to compete.
What’s the most important criteria to you? Location, home characteristics or timing?